BURBANK REDEVELOPMENT AGENCY

Tuesday, December 19, 2006

AGENDA

CITY COUNCIL CHAMBER - 275 EAST OLIVE AVENUE

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6:30 P.M.

INVOCATION:                      

                                                The Courts have concluded that sectarian prayer as part of City

                                               Council meetings is not permitted under the Constitution.

FLAG SALUTE:

ROLL CALL:

CONSENT CALENDAR:  (Item 1)

The following item may be enacted by one motion.  There will be no separate discussion on this item unless a Member so requests, in which event the item will be removed from the consent calendar and considered in its normal sequence on the agenda.  A roll call vote is required for the consent calendar.

1.      ANNUAL REPORT OF FINANCIAL TRANSACTIONS OF THE REDEVELOPMENT AGENCY � FISCAL YEAR 2005-06:

The purpose of this report is to present to the Council the Annual Report of Financial Transactions (Annual Report) of the Redevelopment Agency (Agency) and to request authorization to submit the Annual Report to the State Controller.

As required by California Redevelopment Law (Health and Safety Code Section 33080), an agency must annually prepare for its legislative body's review an Annual Report and then submit a copy to the State Controller�s Office within six months of the end of the agency's fiscal year.  The Annual Report contains the following essential elements:

1.      A fiscal statement that provides the previous year�s achievements including information about the amount of tax increment generated by each project area, the amount of indebtedness and other fiscal information; 

2.      An independent financial audit report will be attached to the Annual Report.  It is a comprehensive annual financial report that includes the auditor�s opinion of the Agency�s operation, conformance with laws and administrative standards of the Agency, as well as the Agency�s financial position; and,

3.      Finally, the Annual Report identifies agency activities during the reporting period that affect housing affordable to elderly and non-elderly households, who are very low, lower or moderate-income.  Information about these target populations includes, for example: the number of units removed from the market place (replacement housing requirements); the number of new or substantially rehabilitated units produced (inclusionary housing requirements); the number of agency-assisted units constructed, rehabilitated, acquired or subsidized during the prior year; a statement that the Agency accumulated no excess surplus; an estimate of the affordable housing projects to be developed, target populations to be displaced over the next two program years; and, Low and Moderate-Income Housing Fund balances.

Staff has completed the Annual Report for Fiscal Year 2005-06.  A copy of the Annual Report was available for public review beginning December 11, 2006 at the Agency's public counter at 141 North Glenoaks Boulevard and the City Clerk�s office located at 275 East Olive Avenue.

Recommendation:

Adoption of proposed resolution entitled:

A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BURBANK AUTHORIZING THE TRANSMITTAL OF THE AGENCY�S ANNUAL REPORT OF FINANCIAL TRANSACTIONS TO THE STATE CONTROLLER.

END OF CONSENT CALENDAR

RECESS to conclude the City Council meeting.

ADJOURNMENT.